Inventory drawdowns combined with pre-holiday stockpiling pushed spot premiums higher [SMM Copper Morning Meeting Summary]
SMM Morning Meeting Summary: Overnight, LME copper opened at $14,683.5/mt. In early trading, copper prices moved straight up to hit a high of $14,774/mt, then drifted lower to $14,632.5/mt. Prices subsequently moved sideways and eventually closed at $14,664.5/mt, up 0.7%. Trading volume reached 21,700 lots, and open interest stood at 267,000 lots, an increase of 2,264 lots from the previous trading day, driven by bullish positioning. Overnight, the most-traded SHFE copper 2610 contract opened higher and quickly rose to 111,380 yuan/mt, then drifted lower to a low of 110,510 yuan/mt. It subsequently moved sideways and eventually closed at 110,709 yuan/mt, up 0.67%. Trading volume reached 31,600 lots, and open interest stood at 148,000 lots, an increase of 340 lots from the previous trading day, driven by bullish positioning.